CALGARY, ALBERTA--(Marketwire - Dec. 1, 2010) - KirrinResources Inc. ('Kirrin' or 'the Corporation') (TSX VENTURE:KYM) ispleased to announce that it has raised gross proceeds of $674,000, netproceeds of $656,000, pursuant to its non-brokered private placementannounced on October 26, 2010 ('Private Placement'). The net proceedsfrom the Private Placement will be used for exploration on Kirrin'sportfolio of rare earth elements and uranium properties and for generalworking capital purposes.
Pursuant to the Private Placement, Kirrin issued 8,425,000 units atan issue price of
.08 per unit, each unit consisting of one commonshare and one half warrant of the Corporation. Each full warrant isexercisable into one common share at a price of
.12 per common sharefor 18 months from the date of issuance, subject to earlier expiry incertain circumstances. The Private Placement is subject to all necessaryregulatory approvals including the approval of the TSX VentureExchange. The securities issued pursuant to the Private Placement aresubject to a four month hold period under applicable securities laws.
Certain directors and officers of the Corporation participated,directly and indirectly, in the private placement, for an aggregate of1,925,000 units, or approximately 23% of the Private Placement. Inaddition, an insider of the Corporation, who is not an officer ordirector of the Corporation, subscribed for 2,000,000 units, orapproximately 24% of the Private Placement. Finder's fees of 6% werepaid in respect of the issuance of 3,750,000 units to various finders.
Kirrin is engaged in rare earth element and uranium exploration inNewfoundland & Labrador, Quebec and Saskatchewan and in theexpansion of its portfolio through acquisition, merger, strategicpartnership and joint venture. Its strategy is well defined: enhancingshareholder value by combining technical expertise, corporatedevelopment skills and professional management. Kirrin's shares trade onthe TSX Venture Exchange under the symbol KYM.
Additional information relating to Kirrin is available on Kirrin's web site at www.kirrinresources.com and on SEDAR at www.sedar.com.
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